Thanks For The Check, Grandma. How Do I Turn It Into Cash??

Has someone ever given you a check, written on paper? Did you know what to do with it?


The traditional thing to do is take it to your bank, endorse it, and give it to a bank teller. The teller can than either give you the cash or deposit your check into your account.


How do you endorse a check? Turn it over and at the top of one end will typically be some lines for you to sign your name. Sign it just as it was made out. Then hand the check with your ID to the teller if you only want cash. If you want it put in your account, fill out a Deposit Slip which the bank will have on hand. You'll need your account number. If the check is made out to more than one person, then everyone needs to endorse it.

There may still be times when you need to write a check in payment for something. How do you write a check?
Make out the date, who it's to, and then write the amount in numbers. Then 'write it out' using words. Cents are written as below: 45c is 45/100.  Sign the check. In the 'memo' line you can note what it's for, or put an account number if it's to pay a bill.

Parts of a check

The Routing Number identifies your bank. Eventually this money will be 'routed' to the 'home' bank.

The Account Number is your personal account.

What about depositing a check online using your computer or phone?


On the phone, you'll need the app from your bank (if it offers this service). You follow their directions, but generally, take a picture of the front and the back, upload those pictures, and tell the bank which account to place this money in. Some basics here: https://www.consumerreports.org/cro/magazine/2014/10/pros-and-cons-of-mobile-check-deposit/index.htm

Sometimes, your bank may hold the whole check for a few days to be sure it 'clears,' or that it's a good check. Ask about that, because you don't want to make a purchase thinking your account has that money in it only to find it wasn't credited yet.


After a couple of weeks after the check was successfully deposited, shred it so that no one can attempt to cash it again.


Are there any problems with depositing a check this way? Yes, there are some to think about: https://money.usnews.com/money/personal-finance/articles/2012/10/09/how-to-deposit-checks-with-your-smartphone


Some other tips about banking:
*Set up online banking so that  you can check your balance and which expenses have been taken out (checks cashed, online bills paid) and which deposits have been credited. Go to your bank's website and follow their directions. Check your account daily: if anyone hacks into it, you'll see it early on.
*Assuming you have a checkbook, use your check register to write down all the times you use your account, whether it's just for your debit card, or if you write checks sometimes. It's one way to track where your money goes, and it gives you the numbers to check and see if they match your account online.

*Use different passwords for different stores/services. If you use the same password for everything, that will cause a major headache if someone discovers it and can get into your checking account and/or credit cards.
*Be sure you know if the ATM you are using charges a fee. Those who honor your bank's card will not charge any extra to use it.
*You may need to actually go to the bank once in a while. Do you know where it is, and what their hours of operation are? Not every bank is open evenings.
*Just because your bank offers you a credit card does not mean it's the best deal you can get. Shop around for the lowest interest rate and other fees. They are often hidden in 'the fine print,' literally tiny words that are hard to read. All credit cards charge fees for various things, like an annual fee which can be $50 or more.
*If you sign papers for a credit card, you will then have that credit card until you cancel it, whether you use it or not--and you'll pay their yearly fee (if they have one) whether you use it or not.
*You can set up automatic bill paying from your account. That way, your bills will be paid on time...but if you sometimes run low in funds, you may want to pay the bills yourself when you are ready.
*An overdraft is when you write a check for more money than you have in your account. Ironically, most banks now charge you $35 every time you do that......which comes from an account that's already empty. Usually you won't even know something got messed up until you already have several of those $35 charges on your account. When you try to cash a check without having enough money in the account, it may come back marked "NSF," which means Non Sufficient Funds.

*If you are under 18 you may need a parent to co-own the account with you. This means that your parent can observe any account activity, too.


Checks are used less and less, but it's good to know how they 'work.' Especially if you receive one!

Tiny Houses

There's a new trend in housing: Tiny houses.

 

Some facts about tiny houses:

• They are usually built on a platform with wheels so they can be moved easily
• Space-efficient:storage is tucked away everywhere
• Sometimes they are solar-powered
• They can be built by the owner or someone else
• Tiny homes have features like any other house, only on a smaller scale, including washers, air conditioning, bathrooms, electricity
• They can be as tiny as 65 square feet up to about 900 square feet (the size of a 1960s rambler is about 1100 square feet)
• They are kinder to the planet: They use less materials to build, less electricity or gas for fuel, and create less waste

Here's some facts about housing costs--quite eye opening:

 

 

Advantages:
Less stuff: How much do we really need?
George Carlin about stuff:  http://www.bing.com/videos/search?q=george+carlin+stuff&&view=detail&mid=0C9D83F33FC270ECA0790C9D83F33FC270ECA079&FORM=VRDGAR

 

• Smaller spaces are cheaper to heat and air-condition
• Minimal outside and inside maintenance
• Less stuff = less to clean up
• You'd learn to be better at food consumption--not a lot of storage
• You could live by the advice of: Make do, use it up, do without
• Deciding what to wear would not be a problem
• Cleaning house would take very little time
• They discourage consumerism, the habit of obtaining more to impress others
• As such, a tiny house confirms that 'things' aren't going to make you happy
• You will value and take care of those few things you really want to have
• You could stay in one place or move whenever you wanted to
• If your neighbors bother you, you can just move
• If you know someone with land, you could park your tiny house there and pay no rent
• You may be able to use campground hookups to temporarily park your home
• You won't need any yard equipment: Lawn mower, snow blower. A shovel for snow, maybe. There's nowhere to put them anyway.
• It is your own home, as opposed an apartment
• Would you rather have a tiny house that's affordable, or a big house you can barely pay for?

Here are some ways a tiny house makes better use of minimal space:

 

 

 

 

 

Disadvantages:

• If you like to have a lot of stuff, that would be a problem
• Close quarters can make it hard to live with someone-or not
• With a roommate, you'd have to agree on what stuff to bring into the house
• Often, the bed or one of the beds will be in a loft with very little headroom
• Permits to park your tiny house can be difficult to get
• Also, hookups for water or electricity might be a problem sometimes
• You would not have a garage. This could be a problem in a state with a long winter.
• You would need a P O Box to use as your address, perhaps one in several areas, in order to receive mail.
• Having an established doctor might be an issue

 

 

 

The first thing you'd have to do if you were considering a Tiny House, is to pare down your belongings to a bare minimum. This is, of course, hard to do if you already have a 'regular' sized house or apartment. If you are still living with your parents and/or in an apartment, it might be easier.

 

 

Here's one company that builds them or sells kits so you can do it yourself. Check out a few of their models:

 

https://www.tumbleweedhouses.com/tiny-houses-for-sale/elm/

 

Here's a video tour of a tiny house:  http://www.bing.com/videos/search?q=tiny+houses&&view=detail&mid=53E82D2E3E86D9D24DE953E82D2E3E86D9D24DE9&&FORM=VDRVRV

 

Here's a tiny house that's pretty fancy:

 

Here's a little community of Tiny Houses in Portland, Oregon:
http://www.bing.com/videos/search?q=tiny+houses&&view=detail&mid=3079CC125D1AC8CB28443079CC125D1AC8CB2844&&FORM=VDRVRV

 

Besides the obvious advantage of saving money on a house, imagine what they could do for the homeless: Wouldn't it be better to have somewhere safe, warm, and dry to sleep at night? A place where you call home, no matter how small? Check this out: People building tiny houses for the homeless:

 

http://www.bing.com/videos/search?q=tiny+houses&&view=detail&mid=73E437E9D273CBD100B073E437E9D273CBD100B0&rvsmid=F142E7126782E063C3DEF142E7126782E063C3DE&fsscr=0&FORM=VDQVAP

 

 What do you think? Could you live in a tiny house? Would it be rewarding to you? Does it make you re-think traditional housing?

Gift Ideas For Financially Challenged College Students

OK, Christmas is looming and you want to give people something. Anything. And your bank account says:

 

 

You don't have time, you don't have ideas, but mostly you don't have money. What to do....

 

Here are some ideas you might find helpful.....Most of these should be well under $5.00

 

• A really large bar of chocolate or any kind of sweets, or nuts, or gum, or chips. Imagine if you got an entire bag of Kisses or M&Ms that was all yours.
• Any kind of small container like a mug or a big measuring cup full of small candies.  Wrap the whole thing up with plastic so the candy doesn't spill. Nuts are another good filler.
• *Be considerate of friends who are trying to lose weight or have health concerns, as to what foods you give as gifts.
• 2 liter bottle of soda and a small bag of chips. Believe me, it will be consumed happily.
• Coloring book and colors or pencils. Yes, for adults. Some days adulting is hard.

• A $1 vase with a single red carnation (maybe 2, if you're feeling wealthy) and some greens. Tie a ribbon around it to make it festive. Have at least a little water in the vase when you give it.
• A nicer pen than you might normally buy, something colorful or with soft grips.
• CD of great music you've made yourself. Make an interesting looking sleeve or jewel case insert that gives the tracks.
• Stocking cap. Everyone tends to lose them, and if not, you can always use a spare.
• Small package of really good coffee. Alternately, hot chocolate or tea. You can get powdered apple cider, as well.
• One Christmas tree ornament
• A vase or a straight-sided glass full of candy canes
• A bar of really lovely soap. These often come wrapped in an attractive box and cost about $4.00.
• Calendar--desktop, blotter style, small to hang up, large to hang up, mousepad
• Planner for next year

• Air fresheners, for the car or the home.
• A pair of socks, maybe two pair.
• Magazine and a snack.
• Book. There are so many types of books, there's bound to be something they'll like (See what I did there?)
• "Sample size" lotion, hand sanitizer, or other items, maybe in a cloth bag
• Small zippered bag for pencils, coupons, keys
• Key chain or key chain ornament
• Cleaning cloth for phone or Ipad screens
• For someone who lives in another state, a pile of postcards from your hometown. They're about 30c apiece. These have been seen at Hallmark.
• Candle, or for safety's sake, some battery operated tealights
• Batteries--who hasn't run out of these?
• Print out some recipes for food you've always gotten compliments on, tie with ribbon. There is a template for recipe cards in Publisher, or you can download one.(Bonus: if you search 'Index Cards,' they also suggest flash cards. Can you use those for studying?)
• New deck of playing cards, possibly with something to play for
• For a fellow student, simply think of things you'd like or can use: a small package of hand wipes? Fresh supply of decent pencils or pens? Snacks for studying? Paper clips? Lanyard?
• Journal and pen
• Small frame with a poem or small symbol in it, or a tiny drawing you've done
• Puzzle
• Sheet of 10 stamps
• Make handmade cards-with a bit of imagination, you can make several for not much money
• Print some of your better photos at about 20c apiece at the 4x6" size.  Frame one or use it to make a card.

Where, one may ask, does one find such items?

 

• Dollar Stores--and use them for wrapping and ribbon as well
• Goodwill: Containers for treats, and also books, decorations, vases candle holders-you can also find things that were originally from Target with tags still attached, for a bargain, too
• The grocery store--you'll be surprised what you can get for under $5, even under $3 
• The grocery store will often have single flowers for under $2.00.
•  Half Price Books: Their clearance area is a feast of great books, many of which are under $5 and often under $3. (be open to a book strictly for fun!) They also carry magazines, CDs, and movies at reduced prices. This is another great way to Go Green.
• Barnes & Noble always has displays of books for under $10, and sometimes under $5.
• Drug stores can often have simple and inexpensive items you can give others
• Look in the 'Travel Size' bins, many stores have them. A little bit of something nice is a good treat.
• Bullseye's Playground at Target (formerly their Dollar Spot) has items for $1, $3, and $5.
• Michael's has bins of small items for $1.50 apiece--they might be helpful in making or wrapping small gifts
• You can order photos online or using your phone and then pick them up at Target and other stores

Don't forget, part of your gift is presentation. Without spending much, you can dress up almost anything with a colorful box and/or bag, and ribbon. Simply tying a bow around something can make it seem more like a gift. Making a "to and from" tag to hang from the ribbon adds a nice touch as well. If you have a shredderful of paper, you can use the shreds to cushion a gift. You can use strips of fabric instead of ribbon, or wrap an item in a kitchen towel for a gift wrapped in a gift.

 

But remember: it really isn't about the gift, it's the gesture. And if nothing else, you can simply tell your friends and family that you can't afford to do gifts this year but you would love to spend time with them. They'll be fine with it. Really. They're your friends and family.

 

 

Merry Broke Christmas!!

Anybody can relate to the phrase: I can't afford it. Especially college students.


What do people actually spend on Christmas in the U.S.?


Here are some rather startling statistics:






To start the 'holiday season,' did you know people spent $350 Million on pet Halloween costumes last year?

Americans usually spend about $600 Billion on Christmas. Here is a rough breakdown per family:

• Tree                     $  42.00
• Cards and postage   32.00
• Decorations             73.00
• Food                        95.00
• Travel                    960.00

Black Friday stats:

• Amount spent on both Thursday, Thanksgiving Day, and Black Friday:   $4.45 Billion
• Amount of that which was spent online       $2.72 Billion

What people are buying most of this year:

• 4K TVs
• Legos
• Shopkin Dolls
• Barbie Dream Houses

Some more stats...

• Amount of business done using cell phones:   $1222 Million
• Average amount spent per each person in the U.S.  $300.00
• Amount the average family spends overall each Christmas   $750.00
• Sadly, the amount usually spent in a year on books per family    $111.00  (not textbooks)

And your wallet says, "???!!!!!!

Here's an idea to help spend less and have gifts mean more: Narrow your categories. Maybe each child, for example, will receive:

• One thing he/she needs (socks, pajamas)
• One new pair of mittens and/or winter hat
• One soft thing (teddy bear, blanket)
• One thing to create with (paints, building)
• One book
• One thing the child simply wants

Remember the items you charge, you will indeed have to pay for. Be sure you do this infrequently, and plan to pay it off just as soon as you can. Use a credit card with a low interest rate but still avoid charging anything. It's too easy to amass a big debt, and you really cannot buy happiness.


Consider next year stashing away a certain amount every month so that by next Christmastime, you have a couple of hundred dollars to spend in cash. Lower what you consider 'needs'---you can still give, just give less and give more of yourself. Spend time with people, not money.

• $10/month x 10 months (gives you time to shop ahead)   $100.00
• $15/month x 10 months                $150.00
• $30/month x 10 months                $300.00

See how it adds up? Some banks will set this up for you, or you can simply do it on your own as a monthly payment. Keeping it in the bank will help you resist the temptation to dip into it before you need it for Christmas, but you could keep it in an envelope on a high shelf.

 

The best way to spend less-sometimes- is to make simple gifts for people. Are you a good photographer? Have one of your pictures printed and framed for a gift. Do you cook something delicious? Food is always appreciated, and homemade is always better than store-bought. Can you build a simple item of wood? Sew? Knit? Do a craft? You might find an interesting glass jar and fill it with candy or other treats. Make a unique card to go with it, and you have a perfectly lovely gift. The satisfaction of giving something you worked on can be much better than wasting money, plus you can work on it at will and not have to fight the crowds in the stores-and not have several hundred dollars of credit card debt to deal with after the holidays.